IMF welcomes reinforcement on Euro zone firewall

Managing Director of the International Monetary Fund (IMF) Christine Lagarde welcomed today an increase on the financial rescue capacity of Eurozone to prevent a new flare-up of Europe's sovereign debt crisis.

In a statement released by the IMF, Lagarde rejoiced over the boost given to the block’s firewall.

“I welcome the decision of Euro Area Ministers to strengthen the European firewall. The IMF has long emphasized that enhanced European and global firewalls, together with the implementation of strong policy frameworks, are critical for ending the crisis and securing international financial stability,” she said.

“The combination of the ESM and the EFSF, along with other recent European efforts, will strengthen the European firewall and support the IMF’s efforts to increase its available resources for the benefit of all our members,” she added.